Keywords: proportionality, Federal Constitutional Court of Germany, European Court of Justice, economic and monetary policy, PSPP, powers of the ECB and the European System of Central Banks, powers of the EU and member states
Abstract: The article deals with the recent decision of the German Federal Constitutional Court, which defies the previous judgement of the European Court of Justice. The subject of the decision is the PSPP bond-purchase scheme enacted by the European Central Bank and the following judgment of the CJEU on the matter. The FCC decided that the CJEU acted ultra vires when it authorised the scheme, which happened due to the wrongly applied proportionality test, thus enabling the EU institutions to increase their competences at the expense of the member states. The decision of the FCC fosters the role of the national institutions against the European ones.